On December 12, Liberty Media Corporation announced that it had entered into an agreement with Sirius XM Holdings, Inc. to split-off Liberty’s SiriusXM business in a transaction that will result in SiriusXM, the leading audio entertainment company in North America, operating as an independent public company under the ticker symbol “SIRI” on the Nasdaq Global Select Market. Willkie represented Solomon Partners, who served as financial advisor to the Special Committee of Sirius XM Holdings, Inc. in connection with the transaction.

The redemptive split-off will eliminate SiriusXM’s current tracking stock structure, with the holders of Liberty’s SiriusXM tracking stock (NASDAQ: LSXMA, LSXMB and LSXMK) receiving shares of the new SiriusXM on a 1-for-1 basis. The transaction is expected to be completed in the third quarter of 2024, subject to satisfaction of closing conditions.

The Willkie team was led by partners Steven Seidman and Sean Ewen, and included associate Ian Morganelli.